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In a ruling in favour of Mitsubishi Corporation India P Ltd, the Delhi High Court ruled that disallowance under section 40(a)(i) of the Income Tax Act, 1961 does not apply concerning the provision of Double Taxation Avoidance Agreements (DTAAs) entered into by India with Japan and the USA. The order passed by the ITAT is […]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of unelaborated investment in stock as a difference in the valuation of stock. Mahavir Singh (Vice President) and Manjunatha. G. (Accountant Member), presiding over the bench, have observed that the assessee declared additional income attributable to excess stock discovered during a survey. […]
Emphasizing the significance of adhering to due process and complying with statutory obligations, the Jharkhand High Court made a noteworthy decision by nullifying criminal proceedings related to the failure to comply with summons issued under Section 70 of the Central Goods and Services Act, 2017 (CGST Act). It is important to highlight that Section 70 […]
Since a fresh assessment order was passed without amending the penalty proceedings, the Kerala High Court rendered to amend the penalty levied under the Income Tax Act 1961. The assessment orders have been amended by the income tax appellate tribunal and remanded the case to the assessing officer vide order for issuing a fresh assessment […]
The addition made by the AO has been deleted by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) as there cannot be a sale without a purchase. The bench Saktijit Dey (Vice President) and Pradip Kumar Kedia (Accountant Member) pointed out that excluding purchases from trading results without also excluding the sales isn’t fair […]
In a recent ruling by the Delhi High Court, Roxy Enterprises raised concerns over the cancellation of its Goods and Services Tax (GST) registration. The court instructed the restoration of the GST registration after conducting a physical verification process, considering the petitioner’s inability to immediately update their address. Delhi High Court Order for Roxy Enterprises […]
Under section 271(1)(c) of the Income Tax Act, 1961 Delhi High Court penalty is not possible merely when the furnishing of inaccurate particulars was proven. under Section 271(1)(c) of the Act a case where the person is required to show clearly as to which limb of the stated provision is drawn. The order passed by […]
Patna HC’s Order for M/s Prince Sanitation Gandhi Path
The Madras High Court, in the case of East Coast Constructions and Industries Ltd. v. Assistant Commissioner [W.P. No. 26457 of 2023 dated September 11, 2023], granted the writ petition, overturning the Impugned Order. The Court directed the matter back to the Appellate Authority, emphasizing that the Petitioner hadn’t received a fair chance due to […]
